Fiscal Solvency Of Certain Trust Funds
I yield myself such time as I may consume. (Mr. CAMP asked and was given permission to revise and extend his remarks.) Last week, we appropriated an unlimited amount of general funds to the unemployment trust funds throughout fiscal year…
I yield myself such time as I may consume.
(Mr. CAMP asked and was given permission to revise and extend his remarks.)
Last week, we appropriated an unlimited amount of general funds to the unemployment trust funds throughout fiscal year 2010, which starts in October, and today we're doing the same thing for the last 2 months of this year, ensuring these funds don't run out while Congress is on district work period. Both actions are needed because the Democrats' economic policy has resulted in record job loss, record deficits, and none of the job creation they promised.
Democrats predicted unemployment would top out at 8 percent if the stimulus passed; instead, it's 9.5 percent and rising. In Michigan, it's above 15 percent. There are now a record 9.2 million collecting unemployment checks instead of paychecks. That's 1.1 million more than when the stimulus was passed. So if the stimulus is stimulating anything, it's record unemployment, not jobs.
Where are the jobs? Americans can surely see the record unemployment, but they cannot see where the jobs are. That's because millions of jobs are disappearing, not being created. What's more, since President Obama was sworn in, the Nation's public debt and unemployment, combined, has risen by a shocking 40 percent. And that's before literally trillions of dollars in additional spending under the Democrats' stimulus, energy, and health plans, and whatever higher unemployment lies ahead.
This bill reflects the continued failure of Democratic economic policy to save or create millions of jobs they promised that would flow quickly from their stimulus bill. More unemployment benefits instead of paychecks have led directly to more State insolvency and more Federal loans to those insolvent States. And that has drained the Federal bailout funds so much, it now needs its own bailout. That's what this bill does.
We had a choice when it came to the stimulus last February. We could have chosen a better policy of stimulating private-sector growth creating twice the jobs at half the price. That was the Republican plan. Instead, Democrats insisted on their government focus plan, which has produced no jobs and a mountain of debt. Today, in my view, we don't really have a choice but to support this bill; otherwise, in the next 2 months, laid-off workers will not get the unemployment benefits they were promised. American workers should not be forced to pay for the mistakes and failures of the Democrats' so-called stimulus bill. So this bill is necessary.
But in the longer run, we need to work together to create jobs so Americans can receive more paychecks, not more unemployment checks.
I would also note, Mr. Speaker, that this bill provides an emergency transfer of $7 billion in the general fund revenue to prop up the Highway Trust Fund for the reminder of this fiscal year. This is not the first time Congress has had to fill a year-end shortfall in the trust fund to ensure that State highway projects can go forward. And unless we get serious about enacting long-term structural reforms as we move ahead with the next reauthorization bill, it surely won't be the last bill, either.
I don't think anyone in this Chamber thinks that yet another short- term general fund transfer is the ideal solution to these chronic shortfalls, and I certainly hope that going forward, the majority focuses its attention on long-term structural reforms and not just on higher and higher spending levels.
With that, I reserve the balance of my time.
I yield 3 minutes to the distinguished gentleman from Florida (Mr. Mica).
Mr. Speaker, I yield 2 minutes to the gentleman from Florida (Mr. Mario Diaz-Balart).
Mr. Speaker, I yield 2 minutes to the gentleman from Arizona (Mr. Flake).
Mr. Speaker, I yield 1 minute to the gentleman from Arizona (Mr. Flake).
I yield 3 minutes to the gentleman from Iowa (Mr. Latham).
I yield myself such time as I may consume.
I would just say that the Obama administration famously predicted that its so-called stimulus plan would save or create 3.5 million jobs. The gentleman referred to millions of jobs being created repairing our infrastructure. However, the unemployment rate is now at 9.5 percent, well above the 8 percent the administration projected if the stimulus passed. That means 2.5 million more Americans are unemployed than the President promised. So not only have no jobs been created in the private sector, in just 4 months, 2 million private sector jobs have been destroyed. Meanwhile, jobs in government have grown slightly, according to the Bureau of Labor Statistics.
At this time, I reserve the balance of my time.
I will say that we have no further speakers, and I believe the gentleman has the right to close.
Mr. Speaker, I have no further speakers on my side, so I will yield back the balance of my time.
Mr. Speaker, on that I demand the yeas and nays.